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251.680 Duty of board when dealer or warehouseman defaults or fails.
The board, when it has determined that a grain dealer or grain warehouseman has
defaulted payment or failed, shall have the following duties under this section:
(1) Determine valid claims and the amount of such claims to be paid to claimants
for financial losses which were incurred due to the failure of a grain dealer or
grain warehouseman;
(2) Request the transfer of moneys from the Kentucky grain insurance fund to the
grain indemnity trust fund when necessary for the purpose of compensating
claimants in accordance with the provisions of KRS 251.670;
(3) Deposit into the grain indemnity trust fund any remaining assets of a failed
grain dealer or grain warehouseman for the purposes of repayment of the
Kentucky grain insurance fund moneys used to pay claimants. Any repayment
into the Kentucky grain insurance fund shall not exceed the principal amount
paid to claimants plus interest at the rate paid on ninety (90) day United States
Treasury bills; and
(4) In the event that the amount in the Kentucky grain insurance fund is insufficient
to pay all valid claims in accordance with KRS 251.670, to grant priority of
payment of all the claims in the order they were approved as valid by the
board.
Effective:July 13, 1984
History: Created 1984 Ky. Acts ch. 389, sec. 9, effective July 13, 1984.
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